Wednesday, March 23, 2016

Vancouver WA Condo Market Report February 2016

Vancouver WA Condo Market Inventory Running LOW in February 2016!

Luxury Riverview Condos at Riverside Condos in Vancouver WA

 With the very small number of condos and attached-style homes available to view by condo shoppers, Vancouver's condo market is very challenging at this time. Here are the highlights for January 2016:

  • Condo Average Sales Prices are in record setting territory, with the 3-Month Moving Average now at $206,785 closing up 16.09% over the prior January; and the 12-Month Moving Average closed up 6.54% from the prior year;
  • 34 Resale Condos were sold in February, which is about 5 (12.8%) fewer condos than in February 2015;
  • REO/Bank Owned Condo sales were 0 units (0% of total); down from 4 (10.3% of total) in February 2015.
  • Short Sale /Pre-Foreclosure property sales were 0 unit (0.0% of total); compared to 2 (5.1% of total) in February 2015.

A "First" for this report is this month's zero-count for both Bank-owned and Short Sale closings (although there are several short-sale pending listings, and a few pending bank-owned condos).  

The Custom Condo Charts we've prepared and shown below will help with the remainder of our report. 

Vancouver Washington Condo Sales February 2016 - Units Sold Vancouver WA Resale Condo Sales - Units Sold Trend February 2016

We should typically see February starting to show more closed units than the low in January however, with so many resale condos purchased last year, it should be no surprise that there will be fewer closed sales when there are fewer condos to purchase.

Average Condo Sales-Price levels are now in record setting territory (see below), starting the new year at a much higher position than expected..

Vancouver WA Condo Sales February 2016 - Average Sales Price Trends Vancouver WA Resale Condo Sales - Average Sales Price Trend

RMLS charts below illustrate the recent twelve (12) months of condo market results - through February 2016, for Unit Sales, Average & Median Prices; and Days on Market:

Charts of Vancouver WA Condo Sales Trends in February 2016 Vancouver Condo Sales Inventory & Days on Market Trends

From the above charts we see that the average list price for new listings is dramatically above both previous levels and above the closed-sales-price levels.  We also see that the most-recent Median Days on Market is at 8 Days - the lowest level seen in years!

Thanks for viewing our report on the Vancouver WA Condo Market.  Please contact us with any questions or comments; and to let us know how we can be of assistance!

PS - Please visit the Condos For Sale in Vancouver WA page at our website, where we have made it Easy to search by Neighborhood for Condos, with listings for condos from the entire RMLS.  You do not have to Sign-up to view Condominiums and Townhomes!

PPS - Don't wait any longer with your Condo Selling or Buying Plans - Call Us Soon!

The statistical charts for Vancouver WA Condos in this report (prepared by Vancouver WA Condo Realtor® John Slocum, our resident statistician) are based on condo sales recorded in the Vancouver MLS system (RMLS), excluding sales of newly constructed condos; and shows the purchase activity since 2009; charting the 3 month Moving average number of sales, and the 12 month Moving average.  The "smoothing" of the relatively sparse-data helps to better illustrate the short-term and longer term trends in Vancouver's Condominium market.

Disclaimer: as with all real estate statistics, we do our best to provide the best representation at the time the data was acquired.  We deem the data and reports reliable but not guaranteed.

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